February 23, 2024

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Dubai has ‘one of many world’s greatest ecosystems to foster progress of fintech innovation’: Sheikh Maktoum

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Dubai: The primary Dubai FinTech Summit was opened by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE.

The 2-day occasion is themed ‘New International Residence to the Way forward for FinTech and Finance’, and options 5,000 business professionals, together with policymakers, C-suite executives, entrepreneurs, traders and delegates. The Summit brings collectively over 100 exhibitors, 120 audio system and delegates representing over 50 international locations.

“With Dubai offering one of many world’s greatest ecosystems to foster the expansion of fintech innovation, it has grow to be one of many main hubs for driving worth creation within the sector,” mentioned Sheikh Maktoum in an announcement. “The Summit will reinforce Dubai’s rising function in shaping the way forward for the worldwide fintech panorama.

“I’m assured the inaugural Dubai FinTech Summit can even foster extra cross-border collaboration between the private and non-private sectors, whereas providing a powerful platform for fintech companies to faucet into new progress alternatives.”

The opening keynote on the Summit was delivered by Essa Kazim, Governor of DIFC, who mentioned: “DIFC has grow to be a significant engine of progress for Dubai’s financial system and a big contributor to its GDP. Having grown exponentially during the last 10 years, DIFC now contributes round 6 per cent of Dubai’s GDP.

Picture Credit score: Dubai Media Workplace

“DIFC continues to reinforce its ecosystem to additional speed up innovation, testing, funding and progress. Dubai and DIFC have invested closely in its FinTech ecosystem by making a supportive and agile regulatory framework, offering entry to funding, sand-box environments and assets for start-ups and established corporations alike.

“Moreover, the Dubai FinTech Summit presents a singular alternative for collaboration between conventional monetary establishments and fintech companies, particularly with fast AI developments driving innovation inside the sector.”

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